Jones Soda Co. sold its hemp-derived THC beverage business to MJ Reg Disrupters for $3 million.
The deal was for about $489,000 in cash with the remaining in the form of a promissory note with fixed payment schedules, according to a Monday news release.
Jones Soda’s Mary Jones brand offers products derived from hemp-derived delta-9 THC.
As part of the deal, MJ Reg Disrupters has the right to use the Mary Jones brand name in any “consumable product containing an emulsion containing THC derived from the marijuana plant” in exchange for an annual $150,000 licensing fee payable on the first anniversary of the sale and $225,000 in subsequent anniversaries, the release noted.
“The sale of the cannabis beverage business marks an important milestone in our efforts to focus our resources on areas where we see the strongest long-term growth and profitability,” Scott Harvey, CEO of Seattle-based Jones Soda, said in a statement.
“We are proud of the innovation behind the Mary Jones brand, but I believe this divestiture enables us to sharpen our strategic priorities and accelerate investment in our core soda, functional beverage and adult beverage categories.”
The Mary Jones brand ran afoul of the California Department of Public Health in 2024, when the agency warned consumers not to drink the beverages because they were “mislabeled and contain specific ingredients prohibited under state law.”
According to an MJBizDaily report, the products contained hemp-derived tetrahydrocannabinol (THC) isolate, an intoxicating ingredient that is banned in California and could pose a risk to consumers.
